Hyzon Motors jumps on decision to exit China commercial truck market

Hyzon Motors

29/12/2022 15:39

(Updates)
    ** Shares of hydrogen electric truck company Hyzon Motors
Inc  HYZN.O  up 14.3% at $1.60 in morning trade
    ** Says, after markets closed on Wednesday, Hyzon Shanghai
will sell its entire stake in Hyzon Guangdong to Hymas PTE Ltd,
a Singapore-based private company, for ~$3.1 mln in cash
    ** Hymas owns ~62.7% shareholding in HYZN 
    ** Deal "reflects the company's strategic decision to exit
the truck market and wind down the commercial truck portion of
its operations in China" - Hyzon Motors 
    ** Under a stock buyback agreement with Hymas, HYZN
repurchased about 3.8 mln shares of its common stock from Hymas 
for $6.4 mln 
    ** Says to maintain China-based research/development and
procurement operations 
    ** 4 of 5 brokerages rate the stock "hold"; 1 "sell"; median
PT is $4.50 - Refinitiv data
    ** YTD, stock down ~76%
 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth))